From Realtor Magazine Online, Daily Real Estate News February 25, 2009
Mortgage applications seesawed downward last week falling 15.1 percent on a seasonally adjusted basis to 743.5 from 875.3 the previous week, according to the Mortgage Bankers Association’s weekly survey.
When mortgage rates tick up, mortgage applications rise—and vice versa.
On an unadjusted basis, the index decreased 22.6 percent but was up 9.8 percent compared with the same week a year ago.
The refinance share of mortgage activity fell from 74.2 percent the previous week to 69.7 percent last week.
Mortgage rates were up slightly:
* 30-year fixed-rate mortgages increased to 5.07 percent from 4.99 percent
* 15-year fixed-rate mortgages increased to 4.71 percent from 4.66 percent
* 1-year ARMs increased to 6.13 percent from 6.10 percent
Source: Mortgage Bankers Association (02/25/2009)
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